Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of hardwood flooring retailer Lumber Liquidators (NYSE: LL) plummeted 23% in early trading today after cutting its full-year earnings and revenue forecasts.

So what: Citing weak year-to-date results and uncertain demand, Lumber Liquidators now expects earnings of $1.00 to $1.15 per share on revenue of $670 million to $700 million, versus the average analyst estimate of a $1.19 per share profit on sales of $711.5 million. The shares had been on a nice run over the past month, trading at a lofty-ish P/E of 30 as of yesterday's close, so today's big plunge comes as no surprise as investors look to significantly readjust their growth expectations.  

Now what: Unless you're willing to handle some short-term pain, Lumber Liquidators isn't exactly the best place for your money. "The pressures challenging large-ticket purchasing decisions may continue to be volatile into the second half of the year, potentially resulting in continued consumer caution," CEO Jeffrey Griffiths said in a statement. Of course, for longer-term investors looking for a good deal on a quality company, today's pullback in Lumber Liquidators could be providing that opportunity.

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